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Each investor in Visaginas Nuclear Power Plant to assume business risk

Rimantas Vaitkus
BFL/Tomo Lukšio nuotr. / Rimantas Vaitkus
Šaltinis: BNS

Each investor in Lithuania's planned new nuclear power plant will be responsible for its share of investment, CEO of Visaginas Nuclear Power Plant that is doing preparatory work for the project, said on Friday.

"All parties involved in the project - the strategic investor, Lithuania, Latvia, and Estonia - will say what their stakes are when a shareholders' agreement is signed. Specifically, the concession agreement says that each state is responsible for its share of investment and assumes the business risk," Rimantas Vaitkus said at a news conference.

"Lithuania, as we know, has to have at least 34 percent of shares in this project," he added.

The concession agreement initialed on Friday marked “a very important beginning of work”, he said.

“We will have huge work ahead this summer until the end of June and we will spare no efforts so as to make full arrangements for further project implementation for all parties in full understanding of this project’s significant both for the economy and the energy sector,” Vaitkus said.

The Government of Lithuania and Japanese company Hitachi initialed a nuclear power plant concession agreement on Friday. This is the first important step in implementing what is the biggest energy project in Lithuania in the past several decades.

The Visaginas plant's strategic investor is Hitachi Ltd together with Hitachi-GE Nuclear Services, in which Hitachi holds an 80 percent stake.

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